NATICK, MASS. — Sunshine Technologies Holding Corp. has acquired an office/R&D building, located at 21 Strathmore Road in Natick. GMG 21 Strathmore Road LLC sold the 15,504-square-foot property for $3.9 million. Scott Hughes of New Dover Associates and Nina Crowley of Boston Signature Homes co-brokered the sale.
WOODLAWN, MD. — Knott Realty Group has begun construction on Rolling Run Technology Park, a single-story, 58,000-square-foot office building located at 2270 Rolling Run Drive in Woodlawn, a town in Baltimore County’s Windsor Mill neighborhood. The real estate development and management company expects to deliver the Class A property this fall. The Mullan Contracting Co. will serve as the general contractor for the building. The building will feature 16-foot ceilings, private office entries and a parking ratio of 4.5 spaces per 1,000 square feet. The property will be situated adjacent to the Centers for Medicare & Medicaid Services office complex and will be roughly two miles from I-695.
CHARLOTTE, N.C. — A joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corp. has purchased two office buildings in Charlotte’s SouthPark submarket for $35.5 million, according to the Charlotte Business Journal. Totaling 178,338 square feet, the Morrison and Roxborough Buildings are located at 6525 Morrison Blvd. and 1901 Roxborough Road, respectively. Lionstone Investments sold the four- and five-story buildings, which were about 95 percent leased at the time of sale to tenants such as Velocity and South State Bank. Ryan Clutter and Scott Humphrey of HFF represented Lionstone Investments in the sale.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 19,723-square-foot office lease in Troy, approximately 25 miles north of Detroit. Allegis Global Solutions will occupy the space at the North Troy Corporate Park located at 700 Tower Drive. Allegis Global Solutions currently occupies suite 700 and 800 in the building and is expanding its space on the fourth floor. The landlord is 700 NTCC LLC. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the landlord in the transaction.
SAN FRANCISCO — Berkadia has arranged a $70 million refinancing for The Mills Building, a 440,000-square-foot, historic building in downtown San Francisco. The landmark structure is located at 220 Montgomery St. The building is 95 percent leased to tenants like the New York Stock Exchange, Pocket Gems, Mazzetti, Seiler LLP, Haworth and the University of California, San Francisco. The 10-year, full-term, fixed-rate loan features interest-only payments. It was used to refinance existing debt on the property. Mitch Thurston and Andy Ahlers of Berkadia secured the financing through Voya Investment Management on behalf of the Swig Co.
NEW HYDE PARK, N.Y. — NorthMarq Capital has arranged $10 million in refinancing for X-Cell Realty, an office property located at 3333 New Hyde Park Road in New Hyde Park. The property features 166,931 square feet of office space. The loan features a fully amortizing 20-year term. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through NorthMarq’s relationship with a correspondent life insurance company for the undisclosed borrower.
SAN ANTONIO — Oldham Goodwin has opened a new office in San Antonio. This marks the second office expansion in the company’s history. Steve Monroe will be leading the brokerage efforts for Oldham Goodwin Group’s San Antonio office. Steve’s responsibilities include managing the brokerage division of the new office, as well as growing the San Antonio/South Texas office in terms of personnel and property listings for sales, leasing and property management. Steve boasts more than 25 years in the commercial real estate industry. Most of that time was spent with CBRE, where he served as an investment properties specialist and as a managing director responsible for company operations in New Mexico and California. Oldham Goodwin’s new office is located at 1100 N.W. Loop 410, Suite 700. The new office will offer the same services as the corporate headquarters located in Bryan. Services offered will include brokerage, development, management and investment services.
THE WOODLANDS, TEXAS — David Alexander of Newcor Commercial Real Estate has represented Gus Kaiser in the purchase of 5.8 acres at 33127 Lois Lane and FM 1488 in The Woodlands. Scott Furches of RE/Max Hometown represented the seller, DRD Limestone LLC.
CHARLOTTE, N.C. — Beacon Partners has signed two leases with restaurateur Deedee Mills for two new dining concepts at 500 East Morehead, a seven-story office building in Uptown Charlotte. The 178,000-square-foot property is currently under construction. The two new dining concepts include The Packhouse, a Southern-themed restaurant, and Joe and Nosh, a quick service breakfast and lunch destination and coffee shop. Charles Thrift of Collett & Associates represented Beacon Partners in the lease transaction.
Raleigh’s office market is the strongest it’s been in years, with employment and corporate investments continuing to climb throughout the Triangle region. A current lull in the delivery of new construction and the market’s increased popularity have created a space crunch for Class A office space, especially for tenants seeking large blocks. While a good amount of new construction started or continued in 2015, there’s still a gap in “move-in ready” space. Vacancy fell from 11.7 percent in the second quarter to 11.2 percent in the third quarter, causing rent growth for Class A space. Direct asking rent increased from $23.81 per square foot in the second quarter to $24.14 per square foot in the third quarter and is expected to continue to increase until delivery of new construction picks up, which will likely be mid-2016/early 2017. The market has definitely shifted in favor of the landlord, and concessions that were made during the recession have fallen off as owners no longer have to offer them to secure tenants. Desire for Class A space in the Triangle has pushed pre-leasing rental rates to a historic high north of $33 per square foot — and they are likely go higher before …
